Question

5. X, a Chartered Accountant earned 1,20,000 during the financial year 2019-20, out of which, he received 1,05,000. He incurred an expenses of 51,000, out of which 12,000 are outstanding. He also received his fees relating to previous year 13,500 and also paid 6,000 expenses of last year.

Find out X's income for 2019-20 following cash basis of accounting.

(a) 69,000

(c) 73,000

(b) 73,500

(d) 1,36,000

Answer 1

Explanation:

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